The last weekly candle for Tron closed as a Doji candle after three consecutive weeks of declines.
The price of Tron managed to close above support at $0.0238 despite dropping below in intra-week trading for the past two weeks.
This level acted formerly as resistance prior to price increases which took place at the start of April.
Tron dropped below this level for the past two weeks, but price found buying pressure both weeks resulting in price closing above on the weekly chart.
On the daily timeframe, the price found buying pressure at $0.0224, an important area of support during price declines two weeks ago.
Price has been trading a small margin above $0.0238 since rising back above.
Any drops below have quickly found buying pressure.
Yesterday’s daily candle formed a Doji reflecting uncertainty from traders.
After a number of Doji candles were recorded in IOTA, IOTA is starting off this week with a decline.
The price has declined by approximately 6% for price action so far today.
IOTA had been trading close to the important level of $0.3 last week but ended up closing below this level on Saturday.
Price action formed a Doji candle for yesterdays trading but followed up today with a decline.
The next key level to monitor for IOTA is $0.253 which has acted as a former area of support.
The 4-hour chart provides a more detailed look at the price action of IOTA once it dropped below support at $0.3.
IOTA initially followed up with a number of small-bodied 4-hour candles being recorded below the level after dropping below.
It has since retested the level to rise above, but any rises above quickly found selling pressure.
The last 4-hour candle formed closed as a Doji candle indicating some uncertainty from traders after the drops which have taken place.
However, a failure to quickly recover from the drop increases the likelihood that the next significant move will be to the downside
The consolidation at lower levels indicates traders are comfortable with the lower valuations and sellers may push the price down further.
- Tron manages to hold above support at $0.0238 with Doji candle forming on the weekly chart.
- Any drops below $0.0238 for Tron have found buying pressure at $0.0224.
- IOTA starts off the week with a significant decline after closing below key support at $0.3 on Saturday.
- The odds of a further decline in IOTA are increased as it fails to recover from today’s drop quickly.
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